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REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended December 31, 2025\n\nOR\n\n \n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from\n\n       \n\nto\n\n      \n\nOR\n\n \n\n☐\n\nSHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nDate of event requiring this shell company report\n\n       \n\nCommission file number\n001-39151\n\n \n\n \n\nEHang Holdings Limited\n\n(Exact name of Registrant as specified in its charter)\n\n \n\n \n\nN/A\n\n(Translation of Registrant’s name into English)\n\n \n\n \n\nCayman Islands\n\n(Jurisdiction of incorporation or organization)\n\n \n\n \n\nEHang Future City (Group Headquarters)\n\nNo. 118 Dongjiang Avenue, Huangpu District\n\nGuangzhou, 510730\n\nPeople’s Republic of China\n\n(Address of principal executive offices)\n\nConor Chia-hung Yang\n\nChief Financial Officer\n\nTelephone: +86 20 2902 8899\n\nEHang Holdings Limited\n\nEHang Future City (Group Headquarters)\n\nNo. 118 Dongjiang Avenue, Huangpu District\n\nGuangzhou, 510730\n\nPeople’s Republic of China\n\n(Name, Telephone,\nE-mail\nand/or Facsimile number and Address of Company Contact Person)\n\n \n\n \n\nSecurities registered or to be registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle Of Each Class\n\n \n\nTrading\nSymbol(S)\n\n \n\nName Of Each Exchange\nOn Which Registered\n\nAmerican depositary shares, each representing two Class A ordinary shares, par value US$0.0001 per share\n\n \n\nEH\n\n \n\nThe Nasdaq Global Market\n\nClass A ordinary shares, par value US$0.0001 per share*\n\n \n\n \n\nThe Nasdaq Global Market*\n\n \n\n*\n\nNot for trading, but only in connection with the listing on the Nasdaq Global Market of American depository shares, each representing two Class A ordinary shares\n\nSecurities registered or to be registered pursuant to Section 12(g) of the Act:\n\nNone\n\n(Title of Class)\n\nSecurities for which there is a reporting obligation pursuant to Section 15(d) of the Act:\n\nNone\n\n(Title of Class)\n\n \n\n \n\nIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.\n\nAs of December 31, 2025, there were 150,242,174 ordinary shares outstanding, comprised of (i) 111,215,614 Class A ordinary shares (excluding Class A ordinary shares issued to the depositary bank for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards granted under our share incentive plans and treasury shares), par value of US$0.0001 per share, and (ii) 39,026,560 Class B ordinary shares outstanding, par value of US$0.0001 per share.\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒\n\nIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☒\n\nNote – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation\nS-T\n(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a\nnon-accelerated\nfiler or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “emerging growth company” in Rule\n12b-2\nof the Exchange Act.\n\n \n\nLarge accelerated filer\n \n\n☒\n\n  \nAccelerated filer\n \n\n☐\n\nNon-accelerated filer\n \n☐\n  \nEmerging growth company\n \n☐\n\nIf an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards\n\n†\n\nprovided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\n†\n\nThe term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §\n240.10D-1(b). ☐\n\nIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:\n\n \n\nU.S. GAAP ☒\n \n  International Financial Reporting Standards as Issued\n \n\n \n\n  \nOther\n\n \n\n☐\n\n \n  by the International Accounting Standards Board ☐\n \n\n \n\n  \n\nIf “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18\n\nIf this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule\n12b-2\nof the Exchange Act). Yes ☐ No ☒\n\n(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)\n\nIndicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐\n\n \n\n \n\n \n\n \n\n##### Table of Contents\n\nTABLE OF CONTENTS\n\n \n\n \n \n \n  \nPage\n \n\n[INTRODUCTION](#txa39307_1)\n\n  \n \n1\n \n\n[FORWARD-LOOKING INFORMATION](#txa39307_2)\n\n  \n \n3\n \n\n[PART I](#txa39307_3)\n\n  \n \n5"}